President Tinubu Orders CBN To Suspend Implementation Of Cybersecurity Levy

The Central Bank of Nigeria (CBN) has been asked to suspend the implementation of the controversial Cybersecurity levy policy.

The order was issued by President Bola Ahmed Tinubu, who instead directed a review of the policy.

President Tinubu's decision came following the decision of the House of Representatives, which, last Thursday, asked the CBN to withdraw its circular directing all banks to commence charging a 0.5 per cent cybersecurity levy on all electronic transactions in the country.

It would be recalled that the CBN had on May 6, 2024, issued a circular mandating all banks, mobile money operators, and payment service providers to implement a new cybersecurity levy, following the provisions laid out in the Cybercrime (Prohibition, Prevention, etc) (Amendment) Act 2024.

According to the Act, a levy amounting to 0.5 per cent of the value of all electronic transactions will be collected and remitted to the National Cybersecurity Fund, overseen by the Office of the National Security Adviser.

Also, financial institutions are required to apply the levy at the point of electronic transfer origination.

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